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Sensex Dips 400 Points, Nifty Falls Below 14,500; Maruti Suzuki & SBI Top Losers

Thu, 25 Mar 09:30 am

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Asian share markets are trading on a mixed note today following a sell-off on Wall Street and with investors concerned about the suspension of the city's Pfizer/BioNTech vaccine rollout.

The Nikkei is trading higher by 0.7% while the Hang Seng is trading down by 0.1%. The Shanghai Composite is up 1.4%.

On Wall Street, the Dow Jones Industrial Average ended on a flat note, giving up early gains.

Meanwhile, the Nasdaq dropped 2%, unable to halt the prior day's sell-off, as investors set aside economic optimism by Federal Reserve Chair Jerome Powell who said the most likely case is 2021 will be "a very, very strong year."

Back home, Indian share markets have opened on a negative note, following the trend on SGX Nifty.

Shares of Laxmi Organic and Craftsman Automation will debut at the bourses today. The IPO of Mumbai-based specialty chemicals firm, Laxmi Organic, had garnered 107 times subscription while Craftsman Automation's IPO witnessed 5.2 times subscription.

Market participants will keep an eye on updates from today's board meeting of the markets regulator.

The BSE Sensex is trading down by 402 points. Meanwhile, the NSE Nifty is trading lower by 115 points.

Asian Paints is among the top gainers today. SBI, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened down by 0.9%. The BSE Small Cap index is trading lower by 1.2%.

Sectoral indices are trading on a mixed note with stocks in the banking sector and realty sector witnessing selling pressure.

Metal stocks, on the other hand, are trading in green.

Shares of Adani Power and Ambuja Cement hit their 52-week highs today.

The rupee is trading at 72.66 against the US$.

Gold prices are trading up by 0.1% at Rs 44,885 per 10 grams.

Speaking of the current stock market scenario, note that benchmark indices fell the most in nearly a month yesterday as investors worried that rising coronavirus cases will derail the economic recovery.

In a recent edition of Momentum Moves, our ace chartist Brijesh Bhatia warned about a time correction in the Nifty. This is a situation in which the broader market might get stuck in a broad range for many months.

He also correctly stated that bulls are tiring at higher levels.

Traders and investors are now starting to come to terms with the fact that the Indian stock market is overvalued.

Does this mean the market will crash soon?

Have a look at the two charts below, in the order they have been placed.

Near Term Volatility in Sensex Compensated by Long Term Gains

The year-on-year change in the Sensex was hardly predictable but someone who stayed invested multiplied every lakh nearly 14 times.

As per Co-head of Research at Equitymaster, Tanushree Banerjee, 2021 could be one of the best years for individual investors.

In one of her videos, Tanushree discusses the best safe assets for 2021. You can watch the video here: Safest Assets in 2021 are Not What You Think...

In news from the economic space, Fitch Ratings on Wednesday upgraded India's growth projection for FY22 to 12.8% from 11% estimated earlier on a stronger carryover effect, a looser fiscal stance and better virus containment.

In its latest Global Economic Outlook (GEO), Fitch said the biggest revisions are for Turkey and India and that India's rebound in the second half of 2020 also took GDP back above its pre-pandemic level.

However, it expects GDP growth to ease to 5.8% in FY23, a downward revision of -0.5 percentage points since December.

It said the GDP surpassed its pre-pandemic level in the December quarter, growing 0.4%, after contracting 7.3% in the previous quarter.

"The rapid pace of expansion at the end of 2020 was powered by falling virus cases and the gradual rollback of restrictions across states and Union territories," it added.

Fitch said the Union Budget for FY22 unveiled a fiscal stance more accommodative than it expected and spending is set to be increased substantially, notably infrastructure, healthcare, and military outlays.

Fitch also said it no longer expects the Reserve Bank of India (RBI) to cut its policy rate, owing to a brighter short-term growth outlook and a more limited decline in inflation than it had forecast.

We will keep you updated on the latest developments from this space. Stay tuned.

Speaking of stock markets, in his latest video for Fast Profits Daily, India's #1 trader Vijay Bhambwani talks about how the Nifty could move this year.

Tune in to the below video to find out more:

Moving on to stock specific news...

Jubilant FoodWorks is among the top buzzing stocks today.

Food services company Jubilant FoodWorks on Wednesday announced to introduce American multinational chain of fried chicken fast food restaurants 'Popeyes', to India.

The company announced to enter into an exclusive master franchise and development agreement with PLK APAC Pte, a subsidiary of Restaurant Brands International Inc (RBI), said a joint statement.

It added that the pact has been signed "to develop, establish, own and operate" hundreds of Popeyes restaurants in India, Bangladesh, Nepal and Bhutan in the coming years, said a joint statement.

JFL Chairman Shyam S Bhartia and Co-Chairman Hari S Bhartia said, "we are happy to announce the signing of a multi-country agreement to acquire the exclusive rights to operate and sub-license the iconic Popeyes brand in India and neighbouring countries."

Jubilant FoodWorks, part of the Jubilant Bhartia Group, already holds the master franchise rights for two international brands Domino's Pizza and Dunkin' Donuts.

Jubilant FoodWorks share price has opened the day up by 2.5%.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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